Insuring an academy or educational institutions including private schools, charter schools and other independent schools, can be a complex process, as there are a variety of risks and potential liabilities that need to be considered.
The specific types of insurance needed may vary depending on the type of institution, size, and other factors.
A standard Academies Insurance Policy could include the following coverage options:
Property Insurance
Academies may face the risk of damage to buildings, equipment, and other physical assets. Property Insurance can provide protection against events such as fire, theft, and natural disasters.
Liability Insurance
Liability insurance provides coverage for claims against the institution for bodily injury or property damage caused by the institution or its employees. This can include coverage for accidents that occur on campus, physical or sexual assault, damage to personal property as well as allegations of defamation, libel, or slander.
Professional Liability Insurance
Besides imparting instruction, academies provide advising and counselling services to help its students navigate academic and personal challenges. However, these services can also create potential risks and liabilities for the school and its employees. Common situations that can lead to claims and lawsuits result from allegations of negligence, discrimination, misconduct, breach of contract and failure to protect students from harm from other students, staff members or third-parties.
Workers' Compensation Insurance
Workers’ Comp provides benefits to teachers, administrators, support staff or other employees of the institution who get injured or fall sick in the course of their work. This usually includes coverage for medical expenses, lost wages, and rehabilitation expenses.
Cyber Liability Insurance
Cybersecurity is an increasingly important concern for schools as technology becomes more integrated into the educational environment. Academies may face the risk of cyber-attacks, such as data breaches or ransomware attacks, which can compromise sensitive student or employee information.
This type of insurance provides coverage for losses resulting from data breaches or cyber-attacks, such as theft or unauthorized disclosure of personal information.
Employment Practices Liability Insurance (EPLI)
Academies can face a range of employment-related claims, including claims related to discrimination, harassment, retaliation, wage and hour violations, and other issues. EPLI can help protect schools from the financial consequences of these claims.
To mitigate these risks, schools should establish clear policies and procedures, provide appropriate training to staff members, maintain appropriate insurance coverage, and regularly review and update their risk management strategies.